Scenario: The local Queens Arms Hotel has recently been purchased by a "tree change" couple who had spent several years coming to local B&B's in Fynntown on vacation. It is currently undergoing extensive renovation and refurbishment, including the establishment of Fynntown's first "proper" restaurant. This constitutes a genuine threat to Velvet Elvis Cafe & Bar. As the Manager of Velvet Elvis Cafe & Bar you are concerned about what impact the restaurant competition will have on the business despite the growing population in the region. Velvet Elvis Cafe & Bar will need to protect itself from a competitive threat, so it can continue to operate profitably and sustainably. You will need to identify one, or more of the following needs for your Market Research Plan for Velvet Elvis Cafe & Bar: · Research on competition · Research on consumers · Research on location/place of business · Research on products and services · Research on pricing · Research on promotion Submission Evidence You are to submit the following items to evidence your undertaking of these tasks: · Identify and define the market research requirements from the list above for Velvet Elvis Cafe & Bar · Develop a documented market research plan describing the scope, objectives, time and budget for market research to be undertaken by Velvet Elvis Cafe & Bar You are able to use the template provided, or develop your own documented Market Research Plan.